The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
SELECT SECTOR SPDR TR SBI CONS DISCR COM 81369Y407 3,624 48,795 SH   SOLE   48,795 0 0
SELECT SECTOR SPDR TR SBI INT-INDS COM 81369Y704 733 14,697 SH   SOLE   14,697 0 0
SELECT SECTOR SPDR TR SBI MATERIALS COM 81369Y100 728 18,244 SH   SOLE   18,244 0 0
SELECT SECTOR SPDR TR SBI INT-FINL COM 81369Y605 728 32,140 SH   SOLE   32,140 0 0
SELECT SECTOR SPDR TR TECHNOLOGY COM 81369Y803 724 18,326 SH   SOLE   18,326 0 0
SELECT SECTOR SPDR TR SBI INT-ENERGY COM 81369Y506 721 11,783 SH   SOLE   11,783 0 0
ISHARES MSCI EMERGING MARKETS INDEX FUND COM 464287234 58,919 1,797,405 SH   SOLE   1,797,405 0 0
VANGUARD INTL EQUITY INDEX FD FTSE EMR MKT ETF COM 922042858 35,382 1,069,276 SH   SOLE   1,069,276 0 0
ISHARES INC CORE MSCI EMKT COM 46434G103 11,785 295,437 SH   SOLE   295,437 0 0
WISDOMTREE TR EMER MKT HIGH FD COM 97717W315 11,688 349,112 SH   SOLE   349,112 0 0
Telecom Italia SPA Sp ADR ADR 87927y102 123 10,000 SH   SOLE   0 0 10,000
iShares Tr S&P 1500 Index COM 464287150 1,099 12,544 SH   SOLE   0 0 12,544
ProShares Trust MSCI Emerg ETF COM 74347x302 1,477 32,514 SH   SOLE   0 0 32,514